Martí-Franquès COFUND Fellowship Programme


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Supervisor name and surname:

Agusti Segarra Blasco

Supervisor email:

Supervisor short biography

Co-supervisor name and surname:

Mercedes Teruel Carrizosa

Co-supervisor email:

Co-supervisor institution:

Universitat Rovira i Virgili

Co-supervisor short biography

PhD programme:

Economics and Business

Title of the research project:

The mechanics of firm dynamics and innovation at firm and aggregated level

Description of the research project:

Recent empirical findings have shown that current economic crisis has eroded firm dynamics (Lazear and Spletzer, 2012; Decker et al., 2016). The decrease of the entrance of firms and the reinforcement of the process of exits has consequences on the innovation effort of firms. On the one hand, there is a decline of the share of young innovative firms (YICs) and high-growth firms (HGFs). Both groups of firms are key to foster economic growth and competitiveness. Empirical evidence show that YICs devote more resources to innovation (Audretsch et al., 2014; Czarnitzki and Delanote, 2012) and high-growth firms generate a large share of new employment (Coad et al., 2014; Segarra and Teruel, 2014; Mazzucato and Parris, 2015; Demir et al., 2016 for a recent review of HGFs).
Given the importance of both groups of firms in order to ensure the reallocation of economic resources towards more productive activities, the aim of the research is to analyse the effect of firm dynamics at aggregated level. The analysis will take into account the Spanish but also the European context. The preliminary objectives will be the following: i) analyse the determinants of the presence of YICs and HGFs; ii) the relationship between YICs and high-growth firms; ii) analyse the mechanism of transmission between the dynamics at firm level and the aggregated evolution; iii) estimate the impact of the changes of firm dynamics on the market equilibrium.
The research will contribute to the literature in the mechanism of transmission between the churning in the market and the aggregated impact for different European countries. The findings will help measure two different goals of the Europe 2020 targets: employment growth and the increase of the R&D and innovation investment.
Audretsch,D., Segarra,A.;Teruel,M. (2014). Why not all young firms invest in R&D. Small Business Economics, 43, 751-766
Coad,A.; Daunfeldt,S-O; Hölzl,W.; Kohansson,D.; Nightingale,P. (2014). High-Growth Firms: Introduction to the Special Section. Industrial and Corporate Change, 23(1): 91- 112
Czarnitzki, D.; Delanote,J. (2012). Young Innovative Companies: the New High-Growth Firms?. Industrial and Corporate Change, 25(6): 1-26
Decker, R.A.; Haltiwanger, J.; Jarmin, R.S.; Miranda, J. (2016). Where has all the skewness gone? The decline inhigh-growth (young) firms in the U.S. European Economic Review, 86: 4-23.
Demir, R.; Wennberg, K.; McKelvie, A. (2016). The Strategic Management of High-Growth Firms: A Review and Theoretical Conceptualization. Long Range Planning, in press
Lazear, E.P.; Spletzer, J.R. (2012). Hiring, churn, and the business cycle. The American Economic Review, 102(3), 575-579
Segarra, A.; Teruel,M. (2014). High-Growth Firms and innovation: an empirical analysis for Spanish firms. Small Business Economics, 43(4), 805-821
Mazzucato, M.;Parris,S. (2015). High-growth firms in changing competitive environments: the US pharmaceutical industry (1963 to 2002). Small Business Economics, 44, 145–170

Gross anual salary:

26443.80 €


Full time

Working hours:

37.5 hours a week

Expected start date:

01 October 2017

European union This project has received funding from the European Union's Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie grant agreement No. 713679